Oil fell on Friday, heading for a weekly decline of more than 3%, under pressure from the easing of concerns over supply risks related to the conflict between Israel and Hezbollah and the prospect of more supply in 2025, even though OPEC+ is expected to extend production cuts.

Brent crude lost 48 cents, or 0.7%, to $72.80 at 09:30 GMT. West Texas Intermediate U.S. crude futures traded at $68.68, down 20 cents, or 0.3 percent, from the last close before the Thanksgiving holiday on Thursday. Brent lost 3.3% over the week while WTI lost

The conflict in the Middle East has not disrupted supply, which is expected to be more abundant in 2025. The International Energy Agency forecasts an oversupply of over 1 million barrels per day (bpd), or more than 1% of global production

“The updated snapshot insinuates that next year promises to be looser than the current year and that oil prices should be on average below the 2024 level,” said Tamas Varga of oil broker PVM.

The OPEC+ group, composed of the Organization of Petroleum Exporting Countries and its allies, including Russia, has postponed its next political meeting to December 5, instead of December 1. OPEC+ is expected to decide on a further extension of production cuts at the meeting

U.S. crude inventories fell by 1.8 million barrels, according to weekly data, while expectations were for a drop of 605,000 barrels.